The global economy faces a challenging and uncertain environment. The increasing adoption of artificial intelligence, the transition towards green energy, and the reconfiguration of global value chains are reshaping the world economy and presenting both opportunities and challenges for emerging economies such as India. Against this backdrop, India has continued to demonstrate remarkable economic resilience and has consolidated its position as the fourth-largest economy in the world. Sustained economic growth, expanding domestic demand, rapid digitalisation, improving infrastructure and continuing structural reforms have strengthened the country’s growth prospects. At the same time, important challenges remain, including generating productive employment, reducing regional and income inequalities, strengthening human capital and ensuring environmentally sustainable and inclusive development. In the present revised and updated edition, we examine these issues comprehensively while incorporating the latest developments in India’s economic policies, institutions and macroeconomic performance.
The current edition has been extensively revised to reflect recent developments in the Indian economy. It includes
a discussion of the new series of the Consumer Price Index (CPI), Gross Domestic Product (GDP) and Index of
Industrial Production (IIP), the evolving framework of GST 2.0, the recommendations of the Sixteenth Finance
Commission, and the outcomes of the Fourteenth WTO Ministerial Conference (MC14). The edition also
incorporates discussions on the Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin), the
Insolvency and Bankruptcy Code (IBC), 2025, India’s expanding network of Free Trade Agreements (FTAs), and
the implementation of the Labour Codes.
The organisation, structure and contents of the present edition are as follows:
Part I of the book ‘Economic Development: A Theoretical Background’ is divided into three chapters. It discusses
the concepts of economic growth and development, common characteristics of underdeveloped countries, the role of economic and non-economic factors in economic development, the concept of human development, human development index, gender inequality index, multidimensional poverty index, etc., and issues concerning the relationship between environment and development.
Part II discusses the ‘Structure of the Indian Economy’ and consists of thirteen chapters. It is devoted to the
discussion of various issues relating to the nature of the Indian economy including the natural resources and ecological issues, infrastructural development, population problem, unemployment and poverty (including a discussion on universal basic income), income growth and inequalities, etc.
Part III of the book ‘Basic Issues in Agriculture’ consists of nine chapters. It starts with a discussion of the role,
nature and cropping pattern of Indian agriculture and then takes up for discussion the issues in Indian agricultural policy (including a review of the new global opportunities and challenges facing Indian agriculture in the wake of the various agreements concluded under WTO). We then proceed to a discussion of agricultural production and productivity trends, progress and failures in the field of land reform, green revolution and its impact on the rural economy of the country, agricultural finance and marketing, agricultural prices and agricultural price policy, the food security system in India, and agricultural labour.
Part IV on ‘The Industrial Sector and Services in Indian Economy’ consists of ten chapters. It starts with a
discussion of industrial development during the period of planning and then proceeds to discuss some major industries of India. This is followed by a discussion of small-scale industries, industrial policy, role and performance of public sector enterprises, the issue of privatisation in public sector enterprises, role of private sector in the Indian economy, CSR (Corporate Social Responsibility), the problem of industrial sickness, and various issues relating to industrial labour. The last chapter in this part discusses the growth of the services sector and related issues.
Part V of the book concerns ‘Foreign Trade and Foreign Capital’. Consisting of eight chapters, it starts with a
discussion of the changes in the composition and direction of India’s foreign trade, and then proceeds to a discussion of India’s balance of payments, trade policy, policy relating to foreign capital, exchange rate and capital account convertibility, MNCs (including a discussion on FERA and FEMA), etc. The last two chapters of this part discuss in detail the opportunities and challenges that the Indian economy faces in the new global environment and also examine critically the working of the WTO.
Part VI on ‘Money and Banking’ consists of six chapters. It starts with a discussion of the problem of inflation in
India and then takes up the discussion of Indian money market, expansion and progress of commercial banking in India, Reserve Bank of India and a critical appraisal of its monetary policy, development of capital market in India and steps taken to strengthen this market in recent years (including steps taken by SEBI) and institutional financing.
Part VII on ‘Public Finance’ contains five chapters. In this part, we start with a discussion of the Indian tax
structure (including a discussion on GST). This is followed by a discussion of public expenditure and public debt in India. The chapter on India’s Fiscal Policy, in addition to discussing the various aspects of fiscal policy as implemented in India, examines the issue of fiscal responsibility in detail. The last chapter of this part focuses on issues related to federal finance in India and discusses the recommendations of the Sixteenth Finance Commission.
Part VIII, the last part of the book, is on ‘Economic Planning and Policy’. It contains seven chapters. Starting
from a discussion of the rationale, features and objectives of planning, we proceed to discuss the strategy of development as envisaged in the various Five-Year Plans. This is followed by a discussion of regional planning in India, the problem of black money (including a discussion on demonetisation), an assessment of economic performance in the postindependence period, economic reforms and liberalisation, and the major policy initiatives shaping India’s development trajectory
Contents –
PART – I : ECONOMIC DEVELOPMENT: A THEORETICAL BACKGROUND
Part – I : Summary Statistics
1. Economic Growth, Development and Underdevelopment
The Concept of Economic Growth
The Concept of Economic Development
Growth and Development: A Contrast in Concepts
Underdevelopment: Meaning and Indicators
Common Characteristics of Underdeveloped/Developing Countries
Growth Projections for India
Appendix to Chapter I: Revisit Economic Policy to Boost Growth
2. Economic and Human Development
Role of Natural Resources in Economic Development
Role of Economic Factors in Economic Development
Non-Economic Factors in Economic Development
Human Development
Why Human Development?
Essential Components of Human Development
The Human Development Index
Gender Development Index
Gender Inequality Index
Multidimensional Poverty Index
Planetary Pressures Adjusted HDI (PHDI)
Links between Economic Growth and Human Development
Recasting Planning in Terms of Human Development
Appendix I to Chapter 2: MDGS and SDGS
Appendix II to Chapter 2: Human Happiness Index
Appendix III to Chapter 2: People at the Heart of Development Strategy
Appendix IV to Chapter 2: Global Social Progress Index 2026
3. The Environment and Development
Environmental Protection and Sustainable Development
Growth and Environmental Degradation
Environment Policy in India
The Global Concerns
Appendix I to Chapter 3: Environmental Performance Index
Appendix II to Chapter 3: Global Biodiverstiy Framework
Select Readings for Issues Discussed in Part I
PART – II : STRUCTURE OF THE INDIAN ECONOMY
Part – II : Summary Statistics
4. Colonialism and Underdevelopment of the Indian Economy
Meaning of Colonialism
British Rule and the Exploitation of India
The British Rule and India’s Underdevelopment
State Policies and Economic Underdevelopment
5. Nature of the Indian Economy
India — An Underdeveloped Economy
India — A Developing Economy
6. Natural Resources
Land Resources
Soil Erosion
Water Resources
Forest Resources
Mineral Resources
Appendix to Chapter 6: Critical Mineral Imports and India’s Green Energy Transition
7. Infrastructure
Power or Electricity
Coal
Oil and Gas
Atomic Energy
Energy Crisis
The Energy Strategy
New and Renewable Sources of Energy
Transport System in India
Railways
Road Transport
Water Transport
Air Transport
Communications
Appendix to Chapter 7: Investment in Infrastructure
8. The Population Growth and Economic Development
The Three Stages of Demographic Transition
India’s Population
Causes of the Rapid Growth of Population
Population and Economic Development
Remedies for Population Explosion
Population Policy
Appendix to Chapter 8: Fertility Rate and Ageing Population
9. Some Demographic Issues
The Sex Composition of Population and the Missing Women
Age Structure of Population and its Demographic Dividend
Urbanisation and the Development Process
Migration of Rural Population to Urban Areas in India
Appendix I to Chapter 9: How Ready are we to Benefit from Demographic Dividend
Appendix II to Chapter 9: Leveraging Demographic Dividend for Viksit Bharat
10. Human Resource Development: Education and Health
Importance of Human Resource Development
Education in India and Development of Human Resources
Education Policy in India
Health Policy
National Health Policy, 2017
Appendix I to Chapter 10: Human Capital Index (HCI+)
Appendix II to Chapter 10: Investment in Education is Positively Correlated with Economic Growth
Appendix III to Chapter 10: Inefficiencies in India’s Health System
Appendix IV to Chapter 10: Indian School Education is in Need of a Radical Reboot
11. Labour Force Growth and Occupational Pattern
Labour Force Growth in India
Occupational Structure and Economic Development
Occupational Distribution of Labour Force in India
Appendix I to Chapter 11: Female Labour Force Participation in India
Appendix II to Chapter 11: Bridging the Gender Gap: The Economic and Social Imperative of Raising Women’s LFPR in India
Appendix III to Chapter 11: Future of Employment in India: Opportunities and Challenges
12. Employment and Unemployment in India
Employment Trends
Structure of Employment
Nature and Estimates of Unemployment in India
Unemployment in Urban Areas
Agricultural Unemployment
Causes of Unemployment
Government Policy for Removing Unemployment
Current Indian Labour Market Scenerio
Major Employment Programmes
Viksit Bharat – GRAM Act, 2025
Urban Employment Programmes and Female Labour Force Participation
National Policy for Skill Development and Entrepreneurship 2015
Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
Deen Dayal Upadhyaya – Grameen Kaushalya Yojana (DDU-GKY)
From Policy to Prosperity: GCCs Leading India’s Growth Journey
Appendix I to Chapter 12: Problem of Under-Employment
Appendix II To Chapter 12: Getting Good Jobs for All Workers is Feasible Only in the Long Haul
Appendix III to Chapter 12: India’s Growth should be LED by Labour-Intensive Manufacturing, says ILO
Appendix IV to Chapter 12: The Illusion of Inclusion
13. Capital Formation in India
Domestic Saving
Domestic Capital Formation
Appendix I to Chapter 13: Neglect of Savings
Appendix II to Chapter 13: Stagnant Levels of Savings and Investments
Appendix III to Chapter 13: Weak Animal Spirits
14. National Income of India: Macroeconomic Overview
The National Income (NNP) Trends
Growth of National Income
Per Capita National Income
Services Led Growth
National Product by Industry of Origin
Appendix I to Chapter 14: India’s New GDP Series: A Statistical Reset for a Changing Economy
Appendix II to Chapter 14: Green GDP Estimates for India
Appendix III to Chapter 14: Need for Better Quality Data
15. Poverty in India
The Concept of Poverty Line
Incidence of Poverty in India
Multidimensional Poverty
Safety Nets for Poor — Poverty Alleviation Programmes
Strategy of Poverty Alleviation
Appendix I to Chapter 15: Vulnerability as Ex-Ante Measure of Poverty
Appendix II to Chapter 15: Universal Basic Income (UBI)
16. Income Inequalities in India
Income Inequalities in India
Causes of Income Inequalities in India
Government Policy and Measures
Appendix to Chapter 16: Bridging the Divide: The Evolving Landscape of Rural and Urban Inequality in India
Select Readings for Issues Discussed in Part II
PART – III : BASIC ISSUES IN AGRICULTURE
Part – III : Summary Statistics
17. Indian Agriculture: Role, Nature and Cropping Pattern
Role of Agriculture in Indian Economy
Nature of India’s Agriculture
Cropping Pattern in India
Appendix I to Chapter 17: Area Under Horticulture Crops
Appendix II to Chapter 17: Reimaging Role of Agriculture
18. Issues in Indian Agricultural Policy and Rural Development
Policies for Agricultural and Rural Development: An Overview
Agriculture: Trends in Investment
WTO and Indian Agriculture: Challenges and Priorities in the Global Economy
Agricultural Growth Concerns
Appendix to Chapter 18: The Farm Sector Must Play a Bigger Role in Our Economy
19. Agricultural Production and Productivity Trends
Trends in Agricultural Production and Productivity
Low Levels of Productivity
Causes of Low Productivity
Measures to Increase Production and Productivity
Appendix I to Chapter 19: Demand-Supply Gap of Pulses and Oilseeds
Appendix II to Chapter 19: The Return of the Millets
Appendix III to Chapter 19: Reclaiming Lost Crops
Appendix IV to Chapter 19: Production of Horticulture Crops
20. Land Reforms
Systems of Land Tenure in Pre-Independent India
Objectives of Land Reforms
Abolition of Intermediaries
Tenancy Reforms
Ceilings on Agricultural Holdings
Agricultural Holdings in India
Consolidation of Holdings
Cooperative Farming
Evaluation of Land Reforms in India
Appendix to Chapter 20: Digitising Land Records in India
21. Agricultural Inputs and Green Revolution
Irrigation
Fertilisers
High-Yielding Varieties of Seeds
Pesticides
Green Revolution
Impact of Green Revolution
Appendix to Chapter 21: The Nitrogen Trap: How Rationalizing Fertiliser Prices can help India Augment its ‘protein security’ sustainablity?
22. Agricultural Finance and Marketing
Need for Agricultural Finance
Sources of Agricultural Finance and their Relative Importance
Cooperative Credit Societies
Commercial Banks and Rural Credit
Regional Rural Banks
National Bank for Agriculture and Rural Development (NABARD)
Financial Inclusion
Agricultural Marketing in India
Government Measures to Improve the System of Agricultural Marketing
Cooperative Marketing
23. Agricultural Prices and Agricultural Price Policy
Trends in Agricultural Prices
Need for Agricultural Prices Policy
Agricultural Price Policy in India
Evaluation of Government’s Agricultural Price Policy
Appendix to Chapter 23: Debate on MSP in India
24. Agricultural Subsidies and Food Security in India
Agricultural Subsidies
Subsidies on Agricultural Inputs
The Problem of Food Security
Public Distribution System in India
A Critical Review of the Public Distribution System
National Food Security Act, 2013
Pradhan Mantri Poshan Shakti Nirman (PM POSHAN) Scheme
Appendix to Chapter 24: Menace of Malnutrition
25. Agricultural Labour
Definition of Agricultural Labour
Causes of Growth in the Number of Agricultural Labourers
Conditions and Problems of Agricultural Labourers
Measures Adopted by the Government
Measures for Improvement
Appendix to Chapter 25: Declining Rural Wage Growth
Select Readings for Issues Discussed in Part III
PART – IV : THE INDUSTRIAL SECTOR AND SERVICES IN INDIAN ECONOMY
Part – IV : Summary Statistics
26. Industrial Development During the Post-independence Period
Programmes for Industrial Development under the Plans
Trends in Industrial Production 384
Latest Index of Industrial Production (Base Year 2022-23)
Changes in the Industrial Pattern Post Independence : A Brief Resume
Some Problems of Industrial Development in India
Appendix I to Chapter 26: Declining Role of Manufacturing in India’s Services-Driven Growth Model
Appendix II to Chapter 26: India’s Industrial Growth isn’t as Satisfactory as it’s made out to be
27. Some Major Industries of India
Iron and Steel
Jute Industry
Textile Industry
Sugar Industry
Cement Industry
Electronics Industry
Appendix to Chapter 27: India’s Textile Turnaround : From Cotton Dependence to Global Competitiveness
28. Small-Scale and Cottage Industries
Definition of Small-Scale Industries Sector
The Role and Performance of Cottage and Small-Scale Industries in Indian Economy
Small-Scale and Cottage Industries During the Plans — The Government Policy
Problems of Small-Scale and Cottage Industries
Appendix I to Chapter 28: Empowering Indian SMEs – Role of free Trade Agreements
Appendix II to Chapter 28: MSME Reforms
29. Industrial Policy
Role of Industrial Policy
Industrial Policy Prior to 1991
Review of Pre-1991 Industrial Policy and Liberalisation Trends
New Industrial Policy, 1991
Appraisal of New Industrial Policy
National Manufacturing Policy
Make in India
Make in India and The PLI Scheme
Appendix I to Chapter 29: Return of Industrial Policy (PLI)
Appendix II to Chapter 29: Reviving Manufacturing Growth
Appendix III to Chapter 29: India Ranks Sixth in Asia Manufacturing Index 2026
30. Public Sector in the Indian Economy
Division of the Economy into Public and Private Sectors
Role of Public Sector in the Indian Economy
Performance of the Public Sector
Problems of Public Sector Enterprises
Policy Towards Public Sector Since 1991
31. Privatisation of Public Sector Enterprises: The Disinvestment Programme in India
Meaning and Rationale of Privatisation
Methods of Privatisation
Evolution of Privatisation Policy in India
Proceeds from Disinvestment and Methodologies Adopted
A Critique of Privatisation and Disinvestment
32. Some Issues Related to Private Sector
Private Corporate Sector in Economic Reform Period
The Burden of Corporate Debt
India’s Antitrust Law: MRTP Act and Competition Act
Competition (Amendment) Bill 2023
Start-Ups in India
Corporate Social Responsibility
Appendix I to Chapter 32: Private Sector Investment
Appendix II to Chapter 32: Time to Revive the Animal Spirits
33. Industrial Sickness in India
Definition of Industrial Sickness
Magnitude of Sickness
Causes of Industrial Sickness
Consequences of Industrial Sickness
Remedial Measures
Provisions of Companies Act, 2013 for Revival and Rehabilitation of Sick Companies
Insolvency and Bankruptcy Code 2016
34. Labour Relations and Social Security
Magnitude of Industrial Disputes
Causes of Industrial Disputes
Industrial Relations: Policy of the Government
Social Security in India
Social Security Legislations in India
A Critical Review of Social Security Measures in India
India’s Labour Codes: Reforms in the Framework of Labour Regulation
Appendix I to Chapter 34: Debate on Working Hours in India
Appendix II to Chapter 34: Right to Disconnect
Appendix III to Chapter 34: Gig Workers in India
35. Services Sector in Indian Economy
Growth and Contribution of Services Sector in India
Reasons for Rapid Growth in Services
Share of Services in Employment
Information and Communications Technology
India’s IT and ITES Industry
Foreign Trade in Services
Services Led Growth: How Sustainable?
Appendix I to Chapter 35: Focus on Services-Led Export Strategy
Appendix II to Chapter 35: A Services-Led Export Strategy Holds Appeal Only up to a Point
Appendix III to Chapter 35: Manufacture or Service: Must we Choose
Appendix IV to Chapter 35: Integrating Services for Inclusive Economic Growth
Select Readings for Issues Discussed in Part IV
PART – V : FOREIGN TRADE AND FOREIGN CAPITAL
Part – V : Summary Statistics
36. India’s Foreign Trade: Value, Composition and Direction
Value of Exports and Imports in the Planning Period
Composition of Foreign Trade
Direction of Trade
Growth and Structure of India’s Foreign Trade Since 1991
Appendix to Chapter 36: Beyond Market Access: Addressing Structural Constraints in India’s Export Competitiveness
37. India’s Balance of Payments
Meaning of Balance of Payments
India’s Balance of Payments: The Pre-1991 Period
Balance of Payments Situation Since 1991
The Management of Balance of Payments
Challenges and Outlook
38. Trade Policy of the Government of India
Import Policy: The Pre-Reform Period
Export Policy: The Pre-Reform Period
Trade Policy: Post 1991: The Reform Period
Foreign Trade Policy (2015-2020)
Foreign Trade Policy 2023
Concept and History of SEZs
Special Economic Zones in India
SEZs: A Dream Gone Sour
Appendix I to Chapter 38: India’s Trade Stance Remains a Little too Protectionism Happy
Appendix II to Chapter 38: Exports First: The Missing Link in India’s Economic Strategy
Appendix III to Chapter 38: India’s Free Trade Agreements: Architecture, Political Economy and Strategic Implications
39. Foreign Capital and Aid
Components of Foreign Capital
Need for Foreign Capital
Indian Government’s Policy Towards Foreign Capital
Foreign Investment Inflows
Foreign Investment Inflows since 1991: A Critical Appraisal
Foreign Aid to India
External Commercial Borrowings
Non-Resident Deposits
India’s External Debt
40. India’s Exchange Rate Policy, Foreign Exchange Reserves and Capital Account Convertibility
Choice of Exchange Rate Regime
Exchange Rate Management in India
The Management of Foreign Exchange Reserves
The Issue of Capital Account Convertibility
Appendix I to Chapter 40: New Challenges in Currency Management and External Stability
Appendix II to Chapter 40: Internationalisation of the Rupee
41. Multinational Corporations, FERA and FEMA
Reasons for the Growth of MNCs
Foreign Collaboration and MNCs
A Critical Appraisal of MNC Operations on Indian Economy
Control Over Multinational Corporations
Foreign Exchange Regulation Act (FERA), 1973
Foreign Exchange Management Act (FEMA), 1999
FEMA: A Major Departure from FERA
Appendix to Chapter 41: There’s a Case for Heavy Taxes on MNC Royalities
42. Globalisation and its Impact on the Indian Economy
Meaning of Globalisation
Globalisation in India
Steps Towards Globalisation
Effects of Globalisation
43. WTO and India
GATT and Multilateral Trade Negotiations
Functions and Organisation of WTO
WTO Agreements
Benefits Proclaimed for India
A Critical Review of the Working of WTO
Singapore Issues and Doha Declaration
Hong Kong Ministerial Conference
Bali Package
Nairobi Ministerial Conference
Eleventh WTO Ministerial Conference
Twelfth WTO Ministerial Conference
Thirteenth WTO Ministerial Conference
The 14th WTO Ministerial Conference (MC 14)
Appendix I to Chapter 43: A Requiem for the WTO
Appendix II to Chapter 43: The Issue of Joining Trade Pacts
Select Readings for Issues Discussed in Part V
PART -VI : MONEY, BANKING AND FINANCE
Part – VI : Summary Statistics
44. Price Trends and Inflation
Wholesale Price Index and Consumer Price Index
Price Movements during the Planning Period
Factors on the Demand Side Affecting Prices
Factors on the Supply Side Affecting Prices
Consequences of the Inflationary Price Rise
Anti-Inflationary Policy of the Government
Inflation Targeting: Urjit Patel Committee Report
Appendix I to Chapter 44: A Decade of Inflation Targeting in India: Achievements and the Road Ahead
Appendix II to Chapter 44: India’s New Consumer Price Index (CPI) Series (Base: 2024 = 100): Methodological Reforms and Policy Implications
45. Indian Money Market
The Indian Money Market
Unorganised Sector of the Indian Money Market
Organised Sector of the Indian Money Market
Characteristics of the Indian Money Market
Reform Measures to Strengthen the Indian Money Market
46. Commercial Banking in India
Banking Developments: 1949-69
Nationalisation of Banks
Banking Structure in India
Public Sector Banks
Expansion of Branches during the Post-Nationalisation Phase
Deposit Mobilisation
Bank Lending
Evaluation of Banking Since Nationalisation
Banking Sector Reforms
Indian Banking: Concerns and Challenges for Future
Appendix I to Chapter 46: Global Comparison of NAAs of Banks
Appendix II to Chapter 46: SFBs : Looking for Innovation
Appendix III to Chapter 46: National Asset Reconstruction Company Ltd. (NARCL) : India’s Bad Bank
47. The Reserve Bank of India
Main Functions of the Reserve Bank of India
Monetary Policy of the Reserve Bank of India
Control of Currency by the Reserve Bank of India
The Reserve Money (RM)
Control of Credit by the Reserve Bank of India
Short-Term Liquidity Management
Banking Laws (Amendments) Act, 2012
Appendix to Chapter 47: Disentangling the RBI – Government Ties
48. Capital Market in India
Capital Market
Structure of the Capital Market
Role of Capital Market in India’s Industrial Growth
Growth of Capital Market in India
Factors Contributing to the Growth of Capital Market in India
Problems of Indian Capital Market: The Pre-Reform Phase
Strengthening the Capital Market: The Post-Reform Phase
SEBI and Capital Market Development
Measures to Develop Corporate Bond Market
Challenges Requiring Attention
Appendix to Chapter 48: Development of the Corporate Bond Market
49. Institutional Financing
Evolution of Institutional Financing in India
Classification of Financial Institutions in India
All-India Development Financial Institutions
Investment Institutions
Specialised Financial Institutions
State Level Institutions
A Critical Appraisal of the Industrial Financing Institutions
Select Readings for Issues Discussed in Part VI
PART – VII : PUBLIC FINANCE
Part – VII : Summary Statistics
50. The Indian Tax Structure
Tax Burden in India
Tax Revenue of the Central Government
Tax Revenue of the State Governments
Taxes on Income and Wealth
Indirect Taxation: GST and Customs Duties
Evaluation of Indian Tax Structure
Appendix I to Chapter 50: Income Tax Reforms in India
Appendix II to Chapter 50: Structural Transformation of India’s GST Regime
51. Public Expenditure in India: Trends and Issues
Expansion in Government Activity after Independence
Growth of Public Expenditure
Composition of the Government Expenditure
Causes of the Rise in Public Expenditure
Public Expenditure Management
Appendix to Chapter 51: Revisiting the Priority of Capital Expenditure for Growth
52. Public Debt in India
Debt Obligations of the Central Government
Debt Obligations of the State Governments
The Role of Debt Finance
Public Debt — Problems and Issues
Public Debt Management
Appendix I to Chapter 52: India Must Reduce its Public Debt Ratio to Build Economic Resilience
Appendix II to Chapter 52: Changing India’s Fiscal Anchor: From Fiscal Deficit to Debt-GDP Ratio
53. India’s Fiscal Policy
Objectives of Fiscal Policy in India
The Fiscal Imbalance and Deficit Finance
The Fiscal Imbalance and the New Fiscal Approach
Fiscal Responsibility in India
Appendix to Chapter 53: Fiscal consolidation versus High Employment-Intensive Growth
54. Federal Finance in India — Centre-State Financial Relations
Federalism and Federal Finance
Transfer of Resources through the Finance Commissions: 1951-2000
Transfer of Resources through the Finance Commissions: 2000-2010
Thirteenth Finance Commission Award: Period 2010-15
Fourteenth Finance Commission Award: Period 2015-2020
Fifteenth Finance Commission Award: Period 2021-2026
Sixteenth Finance Commission Award: Period 2026-2031
Other Sources of Transfer
Problems of Federal Finance in India
Suggestions for Improvement
Appendix to Chapter 54: The Elusive Concept of Cooperative Federalism
Select Readings for Issues Discussed in Part VII
PART – VIII : ECONOMIC PLANNING AND POLICY
Part – VIII : Summary Statistics
55. Economic Planning — Rationale, Features and Objectives
The Rationale for Planning
Important Features of Indian Plans
Objectives of Economic Planning
Evaluation of the Objectives of Economic Planning
Appendix I to Chapter 55: Establishment of NITI Aayog
Appendix II to Chapter 55: Ajay Chhibber Advocates Adopting Planning in Some Form or the Other
56. The Strategy of Planning
Strategy of India’s Development Plans: The Earlier Phase (Mahalanobis Strategy)
Appraisal of the Mahalanobis Strategy of Development
Failure of the Mahalanobis Strategy of Development
Departures from the Mahalanobis Strategy of Development
The New Development Strategy
57. Regional Planning in India
Regional Planning Conceptualised
Magnitude of Regional Imbalances in India
Regional Planning Policy in India
Lack of Genuine Regional Planning in India
Appendix I to Chapter 57: The Race in Per Capita Net Domestic Product Across Indian States
Appendix II to Chapter 57: Viksit Panchayats Offer us a Pathway to Viksit Bharat
58. Black Economy in India
Definition of Black Money
Methods of Estimating Black Money
Estimates of the Size of Black Economy
Causes of Black Money
Consequences of Black Economy
Government Policy to Curb Black Money
Appendix I to Chapter 58: Demonetisation
Appendix II to Chapter 58: Corruption Perception Index
59. A Review of Economic Performance Since Independence
Targets and Achievements of Plans
Accomplishments of Economic Planning
An Appraisal of the Planning Process
Appendix I to Chapter 59: Deadline 2047 – India Needs Huge Transformation
Appendix II to Chapter 59: Getting India’s Growth Priority Right
60. Economic Reforms and Liberalisation
The Origin of Economic Crisis in the Early 1990s
Economic Reforms in India
Macroeconomic Stabilisation
Structural Reforms
An Appraisal of Economic Reforms
Appendix to Chapter 60: Political Logic of Economic Reforms in India
61. COVID and Indian Economy
Impact of COVID-19 on Economic Growth
Government Stimulus Package
Pandemic and the Market Economy
Appendix I to Chapter 61 : Abuse of Women Facilitated by COVID-19
Appendix II to Chapter 61: Pandemic Agreement
Appendix III to Chapter 61: What makes Long COVID Long?
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